Search Result for : Kuwait

The Dollar Business Bureau Due to adverse weather conditions, the production of mangoes declined around 70% and mango cultivators have suffered huge losses in Uttar Pradesh this year. Therefore, the exports of ‘king of fruits’ would likely to go down from the state. “This year mango production will be between 10 lakh tonnes to 15 lakh tonnes only. There is 70% drop in mango production as compared to previous year,” Insram Ali, President of All India Mango Growers Association (AIMGA) told PTI. Due to low output, the exports of mango from Uttar Pradesh are also negligible as the growers are unable to export it, Ali said. “Though some growers are exporting it, but overall exports of the fruit will be quite less, he added. “There ...

PTI  Indians have emerged the top foreign property investors in Dubai, spending over $3.2 billion last year alone, according to the Dubai Land Department. The total real estate investments last year reached Dh91 billion ($2.4bn) from 55,928 investors and Indians were ranked highest in terms of both volume and value among foreign investors with Dh12 billion ($3.2 bn) worth of property transactions from 6,263 buyers. In an effort to attract more investments from Indians, the 13th edition of the International Property Show will be held from April 2-4 this year. "The UAE's safe haven status, stable economic growth and bottomed out prices have been the key factors for attracting Indian realty investments in Dubai. In addition, many Indians find Dubai as ...

PTI  A high-level Gujarat Government delegation, will visit Kuwait next week to promote the "Vibrant Gujarat Global Summit 2017" and seek active participation from the country. "Our delegation's objective is to strengthen relationship between the Gulf countries and India. With some important projects lined up, Kuwait's expertise in areas like Oil and Gas, Infrastructure, Education and Tourism to name a few will play a significant role," said Rajiv Kumar Gupta, Principal Secretary to the Government of Gujarat and Managing Director, Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (GNFC) who is leading the delegation. The 16-member business delegation from Gujarat will comprise representatives from reputed Indian companies from various sectors in addition to representatives of Government of Gujarat and Indian Chambers. The ...

The Dollar Business Bureau Kuwait's Finance Minister on Monday said the country has reported a budget deficit of $18.2 billion for the previous financial year as the lower crude prices has given a major hit to the oil-exporting country’s economy. The acting coal minister Anas al-Saleh said to the state-run Kuwait News Agency that the deficit was nearly $9 billion less than the government had earlier budgeted for. The new financial year in Kuwait began on April 1. Kuwait's budget deficit signals the negative impact the lower crude prices have had on major oil-exporting economies, in particular the Gulf countries, which heavily rely on oil revenues to support their generous subsidies, public sector wages and welfare benefits. Al-Saleh said Kuwait is facing serious challenges that require ...

The Dollar Business Bureau The prices of oil surged more than one percent on Monday after Goldman Sachs said the oil oversupply of two years in the market had ended due to oil disruptions globally and overturned into a deficit. The Brent crude futures LCOc1 were traded at $48.50 per barrel at 0255 GMT, a rise of 67 cents, or 1.4 percent, from their previous settlement. Oil disruptions from major suppliers including China, Nigeria, the United States, and Venezuela, caused a U-turn in the oil outlook of Goldman Sachs, which has for long cautioned of bloated storage and another steep fall in the oil prices. "The oil market has gone from nearing storage saturation to being in deficit ...

The Dollar Business Bureau Following the outbreak of bird flu in Tripura on the 4th of January, Kuwait had imposed a ban on poultry product imports from India. In Oct the Gulf nations’ PAAFR department (Public Authority of Agriculture Affairs and Fish Resources) had agreed to lift the ban on importing of live poultry, one-year old chicks of the egg laying hens and flesh hens from India. This decision by the Middle East could have a serious impact on India’s poultry exports as India mainly exports poultry to Middle East countries. Commerce and Industry Minister Nirmala Sitharaman in a written reply said that it is important to share this information so that the same can be conveyed to the importing countries to ...

The Dollar Business Bureau   GMR Infrastructure Ltd said on Monday that Tenaga Nasional Bhd (TNB), Malaysia’s largest power utility company, will invest $300 million in its subsidiary GMR Energy Ltd (GEL). “Tenaga Nasional Berhad has agreed to invest about Rs.2,000 crore ($300 million) for a 30 percent stake in select portfolio of assets in GMR’s energy arm GEL,” the company said in a statement. The funds from the sale of stakes would mainly be utilised for repaying the corporate debt, it added. After this deal, GMR Infrastructure would be able to lessen down its corporate debt to Rs.4,300 crore from the existing Rs.6,300 crore. The company said that this would lead to a decline in consolidated corporate debt of GMR Infrastructure and will result in ...

Stocks fell around the world on Wednesday, impacting majorly the Asian markets, as the price of crude declined on the news that the three-day strike by oil workers in Kuwait ended, suddenly leaving the markets directionless. As concerns about oversupply of oil in the market returned to the forefront, prices of Brent crude and US crude oil futures slumped. Reversing Tuesday’s sharp gains, Brent crude fell by $1.12 to $42.91 a barrel, whereas US crude oil was down  $1.09 to $39.99. The concerns over Chinese economy also resurfaced as Shanghai Stock Exchange slid 3.8 percent, with almost all the sectors from telecoms to financials witnessing a slide. The depressing mood of the market also reflected due to 0.3 percent fall in S&P 500 EMINI ...